OGJ Newsletter

Market MovementHeat load demand drains US gas storage surplusThe US experienced its fourth consecutive week of colder-than-normal conditions, prompting a rise in heat load demand. The American Gas Association reported a 140 bcf withdrawal from storage for the week ended Mar. 8. That withdrawal compares with 132 bcf the previous week, 75 bcf for the same period last year, and 31 bcf for the same period in 2000."With this latest withdrawal, the year-over-year storage surplus declined for the second week in a row, shrinking to 897 bcf from 962 bcf in the prior week and 1,021 bcf the week before," said Ronald Barone, analyst with UBS Warburg LLC in New York. Barone sees "a more modest contrac...

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